gingerbread
Well-Known Member
This is a fascinating read. BYH's head might just explode.
An excerpt:
Only years later would it become clear why Wilpon went for the deferral: The $5.9 million went into a Madoff account, which was theoretically supposed to collect a double-digit interest rate over the life of the agreement. Only about an 8 percent return would have been needed to pay Bonilla his $1.2 million a year from 2011 to 2035. The Mets did the math and figured they'd be able to turn a $60-70 million profit on the arrangement.
http://espn.go.com/mlb/story/_/id/7879021/mlb-new-york-mets-pay-bobby-bonilla-millions-years-come-espn-magazine
An excerpt:
Only years later would it become clear why Wilpon went for the deferral: The $5.9 million went into a Madoff account, which was theoretically supposed to collect a double-digit interest rate over the life of the agreement. Only about an 8 percent return would have been needed to pay Bonilla his $1.2 million a year from 2011 to 2035. The Mets did the math and figured they'd be able to turn a $60-70 million profit on the arrangement.
http://espn.go.com/mlb/story/_/id/7879021/mlb-new-york-mets-pay-bobby-bonilla-millions-years-come-espn-magazine